Insurance & Risk Management

Pet Insurance Basics

Pet Insurance Basics

Insurance & Risk Management

Accidental or Preventative Pet Insurance?

Pet insurance is typically separated into two types of coverage: Accident and Preventative. While coverage options vary significantly, premiums typically run between $30-$50 a month per pet. Selections often cover 90% of the claim, but differ in terms, deductibles, and max payouts. Preventative care may lessen your anticipated costs and is the more expensive option. However, accident protection is less expensive and may protect against large, unexpected bills.

Accident insurance coverage may include:

  • Loss due to theft or straying
  • Replacement cost
  • Injuries and surgeries
  • Medication/prescription food
  • Hereditary conditions

Preventative insurance coverage may include:

  • Wellness exams
  • Micro-chipping
  • Spaying/neutering
  • Vaccinations
  • Heartworm prevention & de-worming

Things to Consider When Buying Pet Insurance

1. Is your dog prone to any conditions because of breed?

German Shepherds are more likely to be diagnosed with hip dysplasia, a surgery that typically costs $1,700-$4,500. Be sure to consult your pet’s insurance policy to see if they cover hereditary conditions and if there is a coverage limit.

2. Does the policy require a level of care?

Accident coverage often requires owners to maintain a level of care for their pet including: wellness exams, teeth cleaning, spaying/neutering, and vaccinations. These would be paid out-of-pocket by the owner.

3. Is the care vet- or location-specific?

Consult your policy to determine if there are limitations regarding location (state or country) of care and if there are any vet (emergency care, network) limitations.

4. Is the coverage based on actual cost or estimated cost?

Make sure you know if your insurance pays out based on the cost of your vet bill or the insurance company’s estimated cost, especially if you are loyal to a specific vet.

5. Are you seeking coverage because of a pre-existing condition?

Very few insurance companies will cover pre-existing conditions. However, they will typically cover the dog for other conditions or mild conditions such as allergies. This is why it is valuable to purchase coverage for a dog that is prone to expensive conditions.

Pet Insurance Due diligence

There are several pet insurance companies, including HealthyPaws, Nationwide, Embrace, PetFirst, PetPlan, PetsBest, FIGO, and many others. Due diligence is key when trying to find the best plan for your pet. Below are some suggested steps for comparing pet insurance companies:

  1. Request quotes from providers.
  2. Review provider sample policies.
  3. Read customer reviews.
  4. Contact the provider with any unanswered questions.
  5. Review your pet’s medical history with the company to determine if there are any uncovered areas of importance.
Other Things to Note
  • There is typically a waiting period of 5-30 days before insurance will cover any claims.
  • Your vet may have their own preventative plan that you should consider when comparing plans.
  • Dogs that are used for breeding or are pregnant typically cannot be covered.
  • Few companies provide for dental expenses unless they are a result of an injury.

 

Important Disclosure Information: The information contained within this blog is for informational purposes only and is not intended to provide specific advice or recommendations. Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Schultz Financial Group Incorporated), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Schultz Financial Group Incorporated. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Schultz Financial Group Incorporated is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Schultz Financial Group Incorporated’s current written disclosure statement discussing our advisory services and fees is available for review upon request. Please Note: Schultz Financial Group Incorporated does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Schultz Financial Group Incorporated’s web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

Where you want to go in life is up to you. How to help you get there is up to us.

Contact us today to start your journey…

Contact

Schultz Financial Group Inc.
10765 Double R Blvd. Suite 200
Reno, NV 89521
Phone: (775) 850-5620
Fax: (775) 850-5639
Email: [email protected]

Where you want to go in life is up to you. How to help you get there is up to us.

Contact us today to start your journey…

Contact

Schultz Financial Group Inc.
10765 Double R Blvd. Suite 200
Reno, NV 89521
Phone: (775) 850-5620
Fax: (775) 850-5639
Email: [email protected]

Design by Jason Design Studio | Design by Refresh Design Services | Copyright © 2018 Schultz Financial Group Inc.

Design by Jason Design Studio
Design by Refresh Design Services
Copyright © 2018 Schultz Financial Group Inc.

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